SVM says FQ1 silver sales totaled 1.4M oz., up 22% Y/Y, lead sales were 14.9M lbs., up 29% Y/Y, and zinc sales came in at 4.6M lbs., up 276% Y/Y; says average gross profit margin was 36% vs. 51% in the year-ago quarter, blaming the inclusion of the 9% gross profit margin from the GC mine for much of the margin decline.

SVM cites the lower commodity price environment and its desire to preserve capital for the dividend suspension.

Early-year pain for stocks has meant gain for gold, as February gold rose 1.5% today to settle at $1,203.90/oz., its best level in three weeks, as concerns about political upheaval in Greece and falling crude prices sparked a flight from risky assets; silver added $0.46 to $16.23.

With the dollar falling against the yen and pound and a minor flight to safety afoot - Treasurys are higher, stocks have closed moderately lower - COMEX gold is up 1.4% today to $1,197/oz., and COMEX silver is up 2.6% to $16.20/oz. The gains have provided a lift to the volatile/beaten-down shares of gold and silver miners.

Spurred by hopes China's efforts to relax lending rules are a sign that broader (inflation-boosting) stimulus efforts are on tap, gold and silver prices are rallying, and taking the shares of miners up with them. COMEX gold is up 1.8% to $1,194.50/oz., and COMEX silver is up 2.5% to $16.11/oz. GLD+1.7%. SLV+2.2%.